The stock market has more than doubled in less than 2 years and is trading close to the highs again. Recent economic statistics show better than expected numbers. Commodity prices are making new historic highs while mortgage rates are still close to historic lows.
We dodged that bullet and everything is fine ?
We, the taxpayers, even made money on the bailout ?
Just one fly in the ointment: unemployment is stubbornly high and new jobs don't seem to pay too much.
Also, there are those pesky deficits. If the problems are really behind us, should those deficits not decline ?
In the first budget of the Obama administration, the 2011 deficit was estimated at 912 billion. One year ago, that guess had risen to 1.267 trillion. The latest number from the Congressional Budget Office is 1.48 trillion.
At the same time, the Fed is creating 2.4 trillion Dollars from nothing.
Ben thinks that he has everything under control, that his money printing program is working, that inflation is too low and unemployment too high. As I agree with him on his last point, I very much disagree on the former.
Well, I didn't call this Bens Fan Club for nothing: As he is laying the groundwork for an even bigger disaster than the one he thinks he has averted, he is doing a much more credible job at abolishing the Fed than Ron Paul does !
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